At R Jay Finance, we offer a variety of home loan options to suit our clients’ needs. As NZ wide Best mortgage brokers, we provide a range of home loan options for our customers. Whether it’s a first home loan, an existing home loan, or existing loan restructuring, R Jay finance has a mortgage deal for you. We also offer excellent rates on debt-consolidation loans for those customers wanting to refinance their existing debts, as well as renovation loans, business loans, and more.
For most first-time home buyers, purchasing a new property is a major financial undertaking that causes a lot of stress and worry. It is not only the price of the house that places a financial burden on buyers, but also the expense of moving and the cost of various other processes that are part of the home buying process.
Whether you are looking for a home loan to buy the first home for you and your family, move to a new property or to simply look for a better home loan rate, you’ve come to the right place.
We will do all the documentation and organise your mortgage pre-approval so that you can look for your first home knowing that finance is not an issue. We can help and advise you throughout the process; from making your offer through to selecting the right lender and borrowing structure. We will do everything possible to get you into your first dream home.
What you need to know ?
• How much deposit do I need?
• What will the repayments be?
• Which is the best lender?
• Should I use a Mortgage Adviser or go directly to the bank?
• What else do I need to know about loans and the market?
Whether you’re upsizing, downsizing or just moving, we can help you with the different aspects of selling and buying a house. If you are selling your home and looking to upsize or downsize, talk to us about what you need to do to make sure everything goes smoothly. We will work with you to achieve your goals by helping to assess your financial situation. We will tell you how much equity you have in your current home and how this will impact on your next purchase. Knowing all the options before you start the actual house-hunting helps take the stress away from those major decisions. We structure our mortgages in such a way that it will help you reduce repayment, time and money.
If you’re interested in property investment, we’ll advise you on best-practice models and help you gain knowledge of the residential investment market. We will help you with the ins and outs of residential property investment and what to expect when researching, buying and managing your properties. If you have enough equity in an existing property, you may be able to use this to secure a home loan for your next property without the need for a cash deposit. So it is important to have an investment strategy in place so you can work towards your investment goals. We structure our mortgages in such a way that it will help you reduce repayment, time and money.
Because circumstances are always changing there are times when you may wish to refinance your mortgage or do some debt consolidation or want to refinance your mortgage. It is always a good idea to regularly review your existing mortgage(s) and assess that your mortgage structure suits your current financial situation and future financial goals. It is a good idea to review your repayment levels and mortgage structure when your fixed rate loan is about to expire
Finally, when you make changes to your finances, it is a good opportunity to review your insurance services and ensure that you have the best Protection Cover possible in place.
Renovating your home can be a lot of fun and it also lets you incorporate the features and style you’ve always wanted to have in your dream home. Like building a home, renovating can sometimes get stressful, or the end result can be a little different to what was originally planned. As a result, banks can extend a top-up loan to existing home loan customers, whereby an additional loan amount can be sought over and above the approved home loan amount. The top up loan can be used for personal requirements too, such as to renovate the house, purchase house furniture, pay other debts, or pay off hire purchase agreements. We can help you get a top up loan over and above your existing home loan, or a renovation loan, to fund these unexpected and unforeseen expenses.
The structure of your mortgage and the interest rates are the critical factors in determining how much you pay over the long term. There are many options;
• Should you leave your mortgage on a floating rate, have a revolving credit account; use a fixed rate, a capped rate or an offset mortgage? Maybe you would be better with a combination of these.
• How do you know your bank is offering you the best interest rates? Are they prepared to match the other banks lower interest rates, or should you refinance your mortgage with another bank?
• Does your mortgage accommodate the changes to your income, your more recent needs and can you consolidate your other more expensive debt(s)?
So our experts will help you structure your mortgage to suit your situation; we can negotiate with your lender and most importantly we work with you for the life of the loan to ensure you pay your mortgage in the least possible time, therefore saving you money.
• We are not a bank but we have agencies agreement with banks so we have a distinct non-bank approach to doing business. We are flexible, approachable and service orientated.
• So with R Jay you can have your choice of a wide range of lenders and product providers, tailored to meet your needs
• With R Jay you choose how you prefer to deal with us- via phone, face to face or via emails. We even come directly to you and we always follow through with amazing service to make sure that your home loan is giving you maximum utility and meeting your lifestyle needs.
• We can provide advice and a mortgage implementation service. We also have a debt reduction service which helps you manage your cash flow to ensure you pay the least amount of interest and get your mortgage paid off faster
• We are a risk-free innovative mortgage specialist and we do things differently because we are not a bank. We take time to find out your needs, we will come to you and take all the hassle out of mortgage finance. We work with you to find the right options for your needs. On top of that, we offer handy home-related products such as house and content insurance, a range of life insurance options and mortgage protection insurance and many more.
• We are totally open and transparent in all our dealings. There is no fine print, no hidden charges and no unpleasant surprises. You get what you see. We offer a FREE, no obligation risk-assessment. This risk assessment can make you better covered and assists with a better arrangement of your finances.
Step 1:PRINCIPAL AND INTEREST
This is the most common type of home loan that home buyers choose. You basically repay both the principal and the interest for a term for up to thirty years. Payments may be made weekly, fortnightly or monthly.
Most of the time, those who choose this type of loan try to pay as much as they can in the early years of the loan to save themselves thousands on interest.
Step 2: LINE OF CREDIT/REVOLVING CREDIT FACILITY
This home loan option is best described as an overdraft facility on the back end of your everyday transactional account. We recommend that all of your income is credited to this facility to maximise the savings on interest. For a client whose outgoings are a lot less than their income and have a strong ability to budget, this product is excellent. Another option is to use a credit card that is interest free for up to 55 days to pay for your household expenses; the credit card will then be repaid at the end of each month with a direct credit from your line of credit. This product is also used well to save interest in a ‘loan to build’ progressive drawdown scenario. We recommend that you speak to your mortgage broker prior to committing to this type of mortgage because it requires a lot of discipline and does not suit everyone.
Step 3: INTEREST ONLY
As the name suggests, interest only home loans allows you to only pay the interest of the home loan. However, this is not recommended to owner-occupied homes as the principal amount will still be there by the end of the term. Property investors like to use this option to improve the cash flow of their rental portfolio.
Step 4 :FIXED INTEREST RATES
This type of home loan allows you to set a fixed rate in for 6 months to 5 years. The advantage of this home loan type is that the interest rate you select will be set for the period of time agreed on. It is an excellent option when looking for stability.
If interest rates were to decrease or increase during your fixed rate term your rate would remain the same until the maturity of the term agreed on. It is very important to get these terms correct as there are potential break fees if you decide to cancel your loan prior to the fixed term maturity date. You have the option to select more than one fixed term to offset risk or plan for any future changes to your personal position. We highly recommend that you speak to your broker prior to committing to a lock rate agreement.
Step 5: VARIABLE/FLOATING INTEREST RATES
Unlike fixed interest rate homes loans, this home loan type will have an interest rate that increases or decreases as the economy changes. If the interest rate increases or decreases so will the interest portion of your home loan repayment. The OCR has a strong impact on a variable home loan product. The banks tend to offer a 30 day notice of a variable interest rate change.
Step 6: COMBO LOANS
A combo loan can offer flexibility to your mortgage structure. A combo loan can consist of some fixed and some floating, more than one fixed rate or after discussions could contain more than one fixed option and the use of a revolving credit facility.
Step 7: OFF-SET LOAN
An off-set loan is where you have one or multiple transactional accounts in credit that off-set a variable mortgage account. The banks do not offer this product on a fixed rate at this stage. This option is similar to a revolving credit facility however you can nominate more than one account to off-set if it works for your personal situation. There are also options for direct family to offer a large investment of cash to off-set another family member’s mortgage.
Not sure what type of home loan is best for you? Contact The Home Loan Shop for advice from our experts
• Which loan option is best for me?
• Who is on your lending panel and which lender should I go with?
• What information do I need to apply for home loan application?
• What are the fees on the loan?
• What is the interest rate and what are the loan terms?
• Can I lock in interest rates or leave it on Floating?
• Is there is any fee to make additional repayments?
• How long will it take for my loan to be approved and how long will it be valid for?
• How long will it take for the loan to settle and who else will be involved in the process. ?
INITIAL MEETING AND LOAN APPLICATIONS
Loan applications are very easy and we can complete this alongside you. The initial meeting will involve a basic run down of your income, assets and liabilities. Once we have an understanding of your current position, along with the required documentation, we can qualify who will be the best bank or lender for you and present your application to them.
If you haven’t found your dream home, it is highly recommended to seek a pre-approval as your first step. This will give you an idea of how much you can borrow so when you start looking for the perfect home you will have a budget in mind already
Better yet, the seller will find your offer more attractive if you are already pre-approved. Pre-approvals are generally valid for 6 months which gives you much time to hunt for your dream home. Our experts will be in contact before your pre-approval expires to see how the house hunting is going and we can always look to extend your existing pre-approval should you need more time.
When you have found your dream home and signed a sale and purchase agreement we help you tick all of the correct boxes to get your final approval. From valuations to home insurance, no stone is unturned to help you get to unconditional approval. We will work with you to ensure that you are successfully able to take the loan and purchase the property.
Your lawyer handles the transaction on settlement day. We always touch base with you to let you know when the funds have been released to your lawyers’ trust account and we give you a call to make sure everything has gone smoothly.